Food Company on BIST Sets Its Sights on Expanding in the Far East Market

A food company listed on BIST is expanding its targets in the Far East market. Elite Naturel Organik Gıda Sanayi ve Ticaret A.Ş. (ELITE) has announced a strategic partnership with South Korea-based Cinnamon Lab.

According to a statement made in the Public Disclosure Platform, following the signing of a memorandum of understanding (MOU) between the two companies, discussions led to the official signing of a partnership agreement. Cinnamon Lab is known as a firm that markets health-focused products in South Korea and the Far East. The company strengthens its market presence not only with innovative products developed in its R&D laboratories but also by representing global brands such as Celsius, Fast, Gobble, Murray River Organics, and Swiss Energy.

With this partnership, there is an aim to increase sales volume. Under this new partnership, Elite Naturel aims to enhance the recognition of its products in the Far East market and boost sales. The company plans to take advantage of market opportunities in South Korea to establish various new contracts and receive orders.

Elite Naturel aims to increase its sales volume and ensure the recognition of its products in the region through this partnership. It has been stated that developments regarding the sales made under this partnership will be shared with the public, highlighting a growth-oriented strategic move in the region.

Current status of ELITE shares:

ELITE has been showing a positive trend for the past three weeks, while it has been moving sideways in the range of 34-40 TL in recent months. The stock continues to decline by 25% this year. While the food sector in BIST has recorded a value increase of 35% this year, ELITE appears to have a negative performance compared to the index.